Lawmakers Work with Simpson-Bowles on Tax Deal

Given the content of Simpson-Bowles and their insistence of renovating the tax code by lowering the rich's taxes much more than the poor under the pretense of getting rid of tax loopholes (that can always be restored afterwards), this is bad news.

Given that the GOP is not too much into bipartisan mood, may we bet there are at least half democrats in this bunch. Sigh!

http://politicalwire.com/archives/2012/05/28/lawmakers_work_with_simpson-bowles_on_tax_deal.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+PoliticalWire+%28Political+Wire%29

Lawmakers Work with Simpson-Bowles on Tax Deal
Former White House chief of staff Erskine Bowles and former Sen. Alan Simpson "are working with a bipartisan group of 47 Senators and as many House members to frame a compromise on $7 trillion in looming fiscal decisions," Reuters reports.

"Without a deal, the end of the year brings higher taxes for most Americans with the expiration of historically low income tax rates enjoyed by nearly every American and expiry of a payroll tax break, along with broad automatic spending cuts that most lawmakers in both parties want to avoid."

Said Bowles: "I believe this group will come together during the lame duck."